Standard Chartered & FSSC to explore how menopause impacts female leadership

Standard Chartered Bank has partnered with the Financial Services Skills Commission (FSSC) to explore how the menopause transition affects women working in finance and their progression to senior roles.

The research is carried out by the Fawcett Society, the UK’s leading charity campaigning for gender equality and women’s rights. It will provide critical insight into the challenges faced by women experiencing the menopause transition at work; and how this impacts the talent pipeline across UK’s financial services industry.

The findings will identify actions organisations can take to better address the barriers women are experiencing. It will also provide practical advice on how to better support employees. According to Government analysis on the effects of menopause on women’s economic participation, menopausal women are the fastest growing workforce demographic.

SENIOR MANAGEMENT & MENOPAUSE TRANSITION

For many women the point at which they have the opportunity to attain a critical senior management role coincides with the menopause transition. For example, research shows that:

• Usually occurs between ages 45 and 55, although it can be earlier or later than this.
• Symptoms can last between four and eight years, according to the Faculty of Occupational Medicine.
• The transition is not a uniform experience for all women; approximately 75% experience symptoms and a reported 25% experience serious symptoms.
• The severity of menopausal symptoms and experience in the workplace can result in women leaving their jobs; with one in four considering it, according to the Wellbeing of Women survey in 2016.

MENOPAUSE A WELLBEING ISSUE

 “We know there is a gender imbalance in senior roles in the industry and addressing this means looking at the pipeline of talent to senior roles and barriers to women progressing. These barriers can be organisational, societal or personal. Our endeavour is to provide support to our colleagues to overcome these barriers,” stated Tanuj Kapilashrami, Group Head of Human Resources at Standard Chartered. “Menopause is a significant topic that currently isn’t considered a workplace issue. However, it’s an area of wellbeing that needs attention. This research will delve deeper into this issue, to help fully understand the impact on the talent pipeline and most importantly take decisions, as an industry, to deal with this challenge.”

According to ONS data, approximately 13% of the UK workforce are women over 50. This could equate to more than 130,000 women in financial services dealing with the menopause transition at any one time. More education is essential for the industry. Developing the capability of managers and colleagues in supporting those going through menopause will be key.

TABOO TOPIC

This is a topic that can lead to positive gains for organisations, the industry and economy if proactively addressed. “For too long the menopause has been a taboo subject with many women suffering in silence,” stated Claire Tunley, Chief Executive at the Financial Services Skills Commission. “The research announced today will start to break this trend and shine a light on the challenges women experiencing menopause face in the workplace, so the industry is better prepared to support and retain skilled employees; and further strengthen the talent pipeline for the long term.”

The research findings will be released later this year, during the autumn. Specific areas to be addressed include:

• To what extent is the menopause transition a problem for women in the talent pipeline within financial services; and women who have left the workforce. And if so, what is the nature and scale of the problem in the UK financial services sector?
• How do the symptoms of menopause transition, attitudes of workers experiencing the menopause transition, and the attitudes of employers, impact on women’s economic participation; relative to men of the same age?
• How can organisations better support women employees experiencing the menopause transition? What best practice from organisations (if any) exists?  Is there a recommended framework financial services should adopt to remove barriers and enable progression?
• Can the economic costs of the menopause transition on women’s economic participation be quantified?
• What is the mental health and wellbeing impact for individuals impacted by the menopause transition?

A recent study found that most employers are not ‘menopause savvy’, and fail to provide women adequate support at work. Click here to read more.